Congo

The economy is expected to contract further in 2017 in response to the continued decline in oil prices, the country’s main source of export revenues, and weak response from nonoil sectors. Real GDP declined an estimated 4% in 2017, following a contraction of 2.8% in 2016. The decline in international oil prices, compounded by dependence on oil revenues, continues to undermine Congo’s efforts to diversify its economy and increase its resilience. The economy is projected to expand 3.1% in 2018 and 2.1% in 2019, driven by higher oil production, following the exploitation of the Moho-Nord oil field, which accounts for 19.3% of the country’s production.